Caseware UK (AP4) 2023.0.135 2023.0.135 false2022-07-01falseinstallation and maintenance of lifts77truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05758844 2022-07-01 2023-06-30 05758844 2021-07-01 2022-06-30 05758844 2023-06-30 05758844 2022-06-30 05758844 c:Director1 2022-07-01 2023-06-30 05758844 d:MotorVehicles 2022-07-01 2023-06-30 05758844 d:MotorVehicles 2023-06-30 05758844 d:MotorVehicles 2022-06-30 05758844 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05758844 d:FurnitureFittings 2022-07-01 2023-06-30 05758844 d:FurnitureFittings 2023-06-30 05758844 d:FurnitureFittings 2022-06-30 05758844 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05758844 d:OfficeEquipment 2022-07-01 2023-06-30 05758844 d:OfficeEquipment 2023-06-30 05758844 d:OfficeEquipment 2022-06-30 05758844 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05758844 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05758844 d:CurrentFinancialInstruments 2023-06-30 05758844 d:CurrentFinancialInstruments 2022-06-30 05758844 d:Non-currentFinancialInstruments 2023-06-30 05758844 d:Non-currentFinancialInstruments 2022-06-30 05758844 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 05758844 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 05758844 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 05758844 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 05758844 d:ShareCapital 2023-06-30 05758844 d:ShareCapital 2022-06-30 05758844 d:RetainedEarningsAccumulatedLosses 2023-06-30 05758844 d:RetainedEarningsAccumulatedLosses 2022-06-30 05758844 c:FRS102 2022-07-01 2023-06-30 05758844 c:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 05758844 c:FullAccounts 2022-07-01 2023-06-30 05758844 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05758844 d:WithinOneYear 2023-06-30 05758844 d:WithinOneYear 2022-06-30 05758844 d:BetweenOneFiveYears 2023-06-30 05758844 d:BetweenOneFiveYears 2022-06-30 05758844 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 05758844 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 05758844 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 05758844 d:TaxLossesCarry-forwardsDeferredTax 2022-06-30 05758844 2 2022-07-01 2023-06-30 05758844 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-30 05758844 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-06-30 05758844 d:LeasedAssetsHeldAsLessee 2023-06-30 05758844 d:LeasedAssetsHeldAsLessee 2022-06-30 05758844 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 05758844










Sussex Lifts Limited








Unaudited

Financial statements

For the year ended 30 June 2023

 
Sussex Lifts Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Sussex Lifts Limited for the year ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sussex Lifts Limited for the year ended 30 June 2023 which comprise  the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Sussex Lifts Limited, as a body, in accordance with the terms of our engagement letter dated 6 January 2023Our work has been undertaken solely to prepare for your approval the financial statements of Sussex Lifts Limited and state those matters that we have agreed to state to the Board of directors of Sussex Lifts Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sussex Lifts Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Sussex Lifts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sussex Lifts Limited. You consider that Sussex Lifts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Sussex Lifts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
19 March 2024
Page 1

 
Sussex Lifts Limited
Registered number: 05758844

Balance sheet
As at 30 June 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
57,909
72,507

  
57,909
72,507

Current assets
  

Debtors: amounts falling due within one year
 5 
139,459
97,937

Cash at bank and in hand
 6 
59,051
52,311

  
198,510
150,248

Creditors: amounts falling due within one year
 7 
(218,390)
(147,996)

Net current (liabilities)/assets
  
 
 
(19,880)
 
 
2,252

Total assets less current liabilities
  
38,029
74,759

Creditors: amounts falling due after more than one year
 8 
(37,910)
(50,319)

  

Net assets
  
119
24,440


Capital and reserves
  

Called up share capital 
  
6
6

Profit and loss account
  
113
24,434

  
119
24,440


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Mrs C Thomas
Director
Date: 19 March 2024

Page 2

 
Sussex Lifts Limited
 

 
Notes to the financial statements
For the year ended 30 June 2023

1.


General information

Sussex Lifts Limited ("the company") is a private company limited by share capital, incorporated in England with the registration number 05758844. The address of the registered office is 2nd Floor Springfield House, Springfield Road, Horsham, West Sussex,  RH12 2RG.
The principal activity of the company in the year under review was the installation and maintenance of lifts.
The financial statements are presented in GBP and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
Sussex Lifts Limited
 

 
Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
or over the term of the vehicle lease
Fixtures and fittings
-
20%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash
Page 4

 
Sussex Lifts Limited
 

 
Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)


2.6
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Page 5

 
Sussex Lifts Limited
 

 
Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
Sussex Lifts Limited
 

 
Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 7

 
Sussex Lifts Limited
 

 
Notes to the financial statements
For the year ended 30 June 2023

4.


Tangible fixed assets





Motor vehicles
Office equipment
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 July 2022
81,753
4,400
1,605
87,758


Additions
-
358
-
358



At 30 June 2023

81,753
4,758
1,605
88,116



Depreciation


At 1 July 2022
10,381
3,581
1,289
15,251


Charge for the year on owned assets
14,365
391
200
14,956



At 30 June 2023

24,746
3,972
1,489
30,207



Net book value



At 30 June 2023
57,007
786
116
57,909



At 30 June 2022
71,372
819
316
72,507

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
57,006
71,372

57,006
71,372


5.


Debtors

2023
2022
£
£


Trade debtors
100,370
69,624

Other debtors
7,728
7,979

Prepayments and accrued income
27,032
20,334

Deferred taxation
4,329
-

139,459
97,937


Page 8

 
Sussex Lifts Limited
 

 
Notes to the financial statements
For the year ended 30 June 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
59,051
52,311

59,051
52,311



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
83,341
20,129

Corporation tax
878
-

Other taxation and social security
20,269
11,159

Obligations under finance lease and hire purchase contracts
12,474
10,612

Other creditors
8,784
10,092

Accruals and deferred income
92,644
96,004

218,390
147,996



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
37,910
50,319

37,910
50,319



9.


Deferred taxation




2023


£






Charged to profit or loss
4,329



At end of year
4,329

Page 9

 
Sussex Lifts Limited
 

 
Notes to the financial statements
For the year ended 30 June 2023
 
9.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,671)
-

Tax losses carried forward
9,000
-

4,329
-


10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £5,421 (2022: £5,390). Contributions totalling £978 (2022: £2,489) were payable to the fund at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 30 June 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
38,718
30,965

Later than 1 year and not later than 5 years
94,321
76,093

133,039
107,058


12.


Related party transactions

During the year, dividends totalling £41,200 (2022: £17,600) were paid to a Director, by virtue of their shareholding.
At the year end, a balance of £3,013 (2022: £2,580) was owed by the Company to a Director and a balance of £2,600 (2022: £Nil) was owed by the other Director to the Company.


Page 10